Indian Stock Market Opens Higher with Positive Global Indicators

Mumbai, Dec 23 (NationPress) The Indian stock market surged by more than 600 points during early trading on Monday, spurred by favorable mixed global signals.

At approximately 9:29 am, the Sensex was at 78,665.83, reflecting an increase of 624.24 points or 0.80 percent, while the Nifty stood at 23,773.45, gaining 185.95 points or 0.79 percent.

The market trend appeared optimistic, with 1,223 stocks on the National Stock Exchange (NSE) trading in the green, against 494 stocks in the red.

Experts predict that the market may experience rebound phases in the short term, which could be followed by renewed FII selling.

“A sustained rally is feasible only with clear signs of a growth revival in the economy, which is anticipated in early 2025,” they noted.

The Nifty Bank index rose by 415.45 points or 0.82 percent, reaching 51,174.65. The Nifty Midcap 100 index traded at 57,266.45, up by 359.70 points or 0.63 percent. Meanwhile, the Nifty Smallcap 100 index reached 18,797.25, adding 82.95 points or 0.44 percent.

Sector-wise, declines were recorded in metal, realty, commodities, IT, auto, PSU Bank, Financial services, FMCG, and Pharma sectors.

Within the Sensex pack, Tata Steel, Tech Mahindra, Bajaj Finance, HCL Tech, HDFC Bank, ICICI Bank, and Bharti Airtel emerged as the leading gainers, whereas Zomato and NTPC faced the most significant losses.

In the last trading session, the Dow Jones closed at 42,840.26, up by 1.18 percent. The S&P 500 increased by 1.09 percent to 5,930.90, while the Nasdaq rose by 1.03 percent to finish at 19,572.60.

Asian markets also showed positive movements, with Hong Kong, China, Japan, Jakarta, Bangkok, and Seoul trading in the green.

“The FII buying seen in early December completely reversed last week, resulting in FII selling of Rs 15,826 crores. The US outperformance (with the S&P 500 up 25 percent year-to-date) and the relative underperformance of India (with the Nifty up 14.64 percent year-to-date) are influencing this shift in FII strategy,” experts explained.

On December 20, foreign institutional investors (FIIs) sold equities valued at Rs 3,597.82 crore, while domestic institutional investors purchased equities worth Rs 1,374.37 crore on the same day.